If Instead of Working on His Own as a Consultant

question 32

Multiple Choice

If instead of working on his own as a consultant making $25,000, Joe takes a job at a bank, the $25,000 is

• A) an opportunity cost.
• B) a depreciation.
• C) a loss.
• D) an accounting profit.

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Definitions:

Technological Change

Technological change encompasses the improvements in technology that enhance productivity or efficiency in the production or delivery of goods and services.

Health Benefits

Advantages or positive effects on one's health obtained from products, services, or activities, often associated with employment or insurance plans.

Cranberries

A type of small, acidic, red berry, commonly found in bogs or wetlands, used in a variety of foods and beverages.

Price Of Oil

The cost per barrel of crude oil, which fluctuates based on global market conditions, supply and demand, and geopolitical events.